It's true. When I was house-hunting I would frequently see houses that were priced way out of line with the market. I have no idea what made the owners think that someone would come along and agree to such a price. Maybe the owners were completely deluded. Maybe they thought that they would get lucky and someone would come along and fall in love with their particular house. What would generally happen is that the house would sit and sit on the market, would get delisted, then relisted, get a few $K shaved off the price, then a few more $K and so on. All the while, the market would continue to soften and so they would be in an even worse pricing position than when they first started.

3:51 am August 24, 2010

EmperorWatcher wrote:

If one is to be a truly savvy buyer, falling for the "Once over priced" syndrome will only eliminate a significant number of the well priced homes. The days of average time on the market being under 30 are long gone. New listings get initial looks, but even if "well priced" will likely be on the market over 60 days before receiving an acceptable offer. One of the oft mis-understood advantages of having an experienced agent as one's advocate is the knowledge of the good buys that they recognize regardless of market time, becuase of their expertise.

9:02 am August 24, 2010

Alternate Reality wrote:

This "expertise" you are speaking of is irrelevant. Banks are pricing foreclosures and short sales higher than market. Then, through the 6 month "negotiation", the banks would reduce the price, it it had already declined even further in real terms. When the banks DON'T WANT TO SELL, don't buy. It's that simple. Soon enough once the end game becomes apparent, banks will settle for ANY price. Just be patient and save the downpayment.

9:29 am August 24, 2010

EmperorWatcher wrote:

ALTERNATE REALITY is indeed living in 'one' not related to ours. "Expertise" is exactly what one needs to recognize and discern what is worthwhile and what is not. Other than that, her comments don't relate to the Original Post we are discussing here.

9:46 am August 24, 2010

Alternate Reality wrote:

Shills like you are dime a dozen. The one I knew most recently got foreclosed, dropped his realtard license, moved in back with his parents and went back to school. Have enough "expertise" to do the same.

10:06 am August 24, 2010

Alternate Reality wrote:

Hey, "expert". Realtard shills on other threads and sites are screaming for "more relaxed" undewriting standards. They report that we are running out of fools, and the government is refusing to provide new fools with public money. Is this also your "expert" definition of "free markets" - whereby you monopolize the market and then demand public money to "run" it? What's up with this realtard socialism?

1:56 pm August 24, 2010

Donna wrote:

Nobody likes the bearer of bad news. This is bad news, but it is the truth. It's an obvious truth for today's diminishing market. Also this real estate market is highly competitive. So a lower price is essential for a sale.

11:10 am August 25, 2010

Wayne wrote:

Been reviewing the Denver market for past two months in preparation for a relocation from South Africa. Currently selling my property in Vcitoria, Australia to finance a purchase in Denver. Would have reviewed 1500 properties in that time and I agree with comments earlier about banks being unrealistic in pricing of foreclosures for sale. At present it is easier to buy a for sale house at near or below market price and these appear to be 15-20% below similar foreclosure properties. My reasearch leads me to conclude continued decline in housing market in Denver (even though it is supposed to be one of the better of locales).

Rents are yet to fall and it will be interesting to see what happens in this market. Long term rental trends should be 7-10% Gross Rent on property value. So 300k property should rent for approx 600 pw week. Nobodyi is getting that. Expect rent to continue to rise and housing to continue to fall. I just need to work out the trade off so I can time mty purchase appropriately.

Australia still has all this to face. House prices throughout the country are 12-15 tiimes median earnings.

12:04 pm August 25, 2010

Alternate Reality wrote:

@Wayne, someone did their home work!

9:02 pm August 25, 2010

Joe Tomlinson Prudential Carolinas Realty wrote:

I very much agree with the article and have experienced this phenomena quite a bit. Sellers try their level best to pursuade the listing agent to just "try for awhile" at a higher price then lower the price in 60 days. By then, all we are doing as a listing agent is simple chasing the market and have wasted time and money on a listing that is going to linger on the market. We at Prudential Carolinas Realty do not practice the game of taking a home off the market and putting it immediately back on as a "new" listing but many other agents do. This article certainly supports this practice.

11:00 am August 28, 2010

John wrote:

It does not really matter how many people look at your house online. It matters when (statistically) YOUR buyer looks at the house. Just like an open house, parading hordes are not necessarily buyers.

10:14 pm August 29, 2010

jeffrey moddleman wrote:

As an Active Agent and an Experienced listing agent, the seller has thre choices with me.
The can decude to Lst with Me to sell their home. they can decide Not to list Their Home With me or I Can decide Not to take Their listing and Anyone is fine.
I am not taking any over priced listings unless the sellers and I have a Plan B and that is a price reduction in 3-4 weeks dependin g on activity.

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